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, social security, and otherwise as a separate issue from the fiscal cliff. house leader eric cantor speaking this morning in washington about that very issue. i want you to listen and we'll talk about it on the other side. >> we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bowles, as some of us will meet with him later today, had said earlier this morning there's been no serious discussion by the white house on entitlements, on medicare and medicaid. >> is that where the conversation starts and stops to really make a dent in the deficit over the long term and the issues that we have? >> to make a dent in the deficit, i don't believe it starts and stops there, but i think there is no discussion about reducing expenses, government expenditure, without addressing social security and medicare. absolutely entitlements are on the table. we've made promises of benefits that we just cannot keep as a country over the long term. >> doesn't seem as though we're willing to deal with that issue.
republican leaders say if you want to avoid the fiscal cliff, you need to address the drivers of our debt. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking about tweaking these programs, there are groups in washington around the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to
with republican leaders about the fiscal cliff. after that, he'll join us with the news and his analysis. >> tom: "beyond the scoreboard" tonight, google is a feared competito from its dominant poition innternesear to the android smart phone software. now, it's getting into the game of live professional sports video. here's rick horrow. >> reporter: google has agreed to pay the nba a figure in the low six digits to stream 350 development league games on youtube this season. the deal marks the most live games on youtube by a major professional sports league. the partnership between the nba and google's youtube is being touted as an "experiment" to see how many views and how much online ad revenue can be generated from the games. when it comes to online video, the nba is arguably the most progressive u.s. sports league, having launched a dedicated youtube channel back in 2005. but for as much of an experiment as this is for the nba, it's an equally intriguing test for google. live sports tend to be the primary reason consumers don't cut their cable cords and watch more shows on video online. if th
and the fiscal cliff crisis here in the u.s. stocks fell late today after senate majority leader harry reid said lawmakers are making little progress in resolving the stand-off over tax increases and spending cuts. the dow fell 89 points, the nasdaq lost nine, the s&p 500 down seven. >> tom: as susie mentioned, talks to resolve the fiscal cliff are moving slowly. one reason is that there is deep disagreement over whether entitlement programs like social security and medicare should be on the table right now or not, and the disagreement is sharpest over social security. darren gersh takes a look at why. >> reporter: the number-two man in the senate democratic leadership argues any fix for social security's finances should come after the immediate challenge is out of the way. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to c
on the fiscal cliff. >> plus house republicans unveil the names of their committee leaders. why some critics say they're not heeding the lessons of the 2012 election. >> but first
. >> as the leader mentioned, the issues with regard to the fiscal cliff is pretty straightforward and the president in his press conference shortly after the election stated its his goal and priority, jobs and the economy. ought to be about jobs and the economy. republicans couldn't agree with him more which is why the proposal the president has put forward to solve the fiscal cliff raises taxes on a million small businesses who employ 25% of the work force and an accounting firm has done a study has said if the president's proposal went into effect which is to raise taxes on the small businesses out there that it would cost us over 700,000 jobs and reduce take-home pay by 2% and reduce economic growth by 1.3%. what the president is proposing to do would hurt jobs and the economy, which is again, i ironic in that the president's only solution to solve our fiscal cliff issue is to raise taxes. in 2010, we had the same debate. raise taxes in the middle of a weak economy. at the time economic growth was 2.4 through the first three- quarters. number is 1.8%. the president said you shouldn't weak econom
of the fiscal cliff. today on the senate floor, minority leader mitch mcconnell abusing president obama -- accusing president obama of being back on the campaign trail instead of working with lawmakers. have you seen anything to indicate that we are close to a resolution, or even moving in that direction? >> i haven't. it's hard to come to a resolution when one of the parties to that isn't around. the president, as you mentioned, is out on the campaign trail again. >> greta: you're referring to his trip this friday to pennsylvania. >> right. you've got to have presidential leadership to do big things. that's what we need right now. obviously republicans are here, ready to go to work, ready to solve the issue of the fiscal cliff. what the president wants to do, however, is to raise taxes on small businesses, almost a million small businesses who employee 25% of the workforce. that's his proposal. republicans cannot be for that. the president said in his press conference right after the election that his number one priority is jobs and the economy. we agree with that. but if your number o
senator majority leader reid said there was little progress being made on the fiscal cliff. that was yesterday afternoon. we lost 50 points on the dow. even though mr. reid said he was hopeful a deal could be reached, damage was done. senator mccobble said democrats should be more actively involved in the debates. he said the president was traveling around the country having complain like stops, he should come back to the capitol and make a deal. today representativeboehner saying he was optimistic a cliff deal could be rachd. the market rallied nicely on that after disappointing new home sales results. just in the last hour, we've rallied because the president has come out and said he would like to have a deal on the fis calf cliff by christmas. that's exactly what the markets want to hear. they want a timetable for when a deal can be reached and they want it before the end of the year. we move up to the highs of the day on that news. >> a deal by christmas with a bow on it perhaps, bob. >>> dozens of ceos as we mentioned earlier meeting with congressional leaders right no
top business leaders on how the administration and congress can solve the crisis over the fiscal cliff. and fitch slashes argentina's rating by five notches on fears over a possible default. we'll speak to a bondholder who once represented the country's creditors. >>> first, let's check in on european markets. they are opening in the red, as you can see there. wow. a significant leg down on the ibex 35 there just since the last time we've checked in. now 1.3%, that index is shedding. the others holding up a little bit better, but still seeing losses. let's take a look at the bond space and see if a similar tone is con veiled. we are seeing yields continue to fall on a bit of a rally, including in the periphery where spain is yielding 4.5% in italy. earlier, we saw the euro/dollar weaker and still is by about .2 of a percent. also keeping an eye on that dollar/yen, which is dropping by half a percent today to 81-70. so below 82. for more, let's head over to deirdre wong morris. the shanghai composite has closed in the red again, extending one of the longest bear market runs in three yea
love you. i love you, too. >>> coming up, labor leaders meet to discuss the fiscal cliff. >>> then senators john mccain and lindsey graham say they have even more questions after u.n. ambassador susan rice tries to clear the air on benghazi. >>> and black friday shoppers bust another republican myth about this obama economy. david johnson will set the record straight. share your thoughts on facebook and twitter. we're right back. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. >>> welcome back to "the ed show." president obama can and should rely on labor to bolster his position in the fiscal cliff negotiations. labor is a major ally in protecting the middle class. today senior white house officials met privately with representatives of labor a
the fiscal cliff. >>> then senators john mccain and lindsey graham say they have even more questions after u.n. ambassador susan rice tries to clear the air on benghazi. >>> and black friday shoppers bust another republican myth about this obama economy. david johnson will set the record straight. share your thoughts on facebook and twitter. we're right back. ♪ it's so important to make someone happy ♪ when you give a child a toy, it has to work. ♪ make just one someone happy and when it's a toys for tots child, well, what could be more important? so this year, every hasbro toy donated to toys for tots will be powered by duracell. happy holidays. duracell with duralock. trusted everywhere. >>> welcome back to "the ed show." president obama can and should rely on labor to bolster his position in the fiscal cliff negotiations. labor is a major ally in protecting the middle class. today senior white house officials met privately with representatives of labor and other progressive groups. and attendees of the meeting say they were encouraged. one said, they expect taxes to go up on the wea
: business leaders are demanding action on the fiscal cliff but will they get it? president obama hears from ceos this afternoon. first we get lou dobbs take on all that. lori: we'll see how confident folks are. thereby buying treasurys a little bit today. long bond, 30-year treasury is yielding 2.77%. we're back after this. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba divi the great barrier reefith sharks, or jumping into the marke he goes witpeople he trusts which is why he tde with a company that doesn't nickel and dime him with hidden fees. socan worry about other things, like what the market is doing andeing ready, no matter what happens, which isn't rocket scice. it's just common sense, from td ameritrade. >> i'm adam shapiro with the dow reversed its triple digit fall and went positive following optimistic comments from both president obama and house speaker john boehner. on the fiscal cliff negotiations. >>> allstate says superstorm sandy will cost it more than one billion dollars. the insurance company says 2/3 of the losses are in new yo
rice. senate majority whip david gergen on negotiations to work an appeal on the so-called fiscal cliff. after that, more from senate leaders who spoke with reporters after party lunches today at the capitol. later a discussion on how wall street investors are preparing for the possible tax hikes and budget cuts. now, republican senators on their meeting with you in ambassador susan rice on the attacks in libya that killed four americans. >> a very candid discussion with the director of the cia. we are significantly troubled by many the answers we got. the evidence was overwhelming leading up to the attack on our consulates. whether ambassador rice was informed sufficiently is a correct depiction of the events that took place. but the intervention was incorrect when she said it was a spontaneous demonstration. it was not, and there was compelling evidence that the time that that was not the case, including statements by libyans as well as other americans. mortars and rocket-propelled grenades were not spontaneous demonstrations. >> i think it does not do justice to the reality at the ti
, an office he held in the past. he's a possible leader on the fiscal cliff talks right now, leave him well positioned, someone to keep an eye on. >> greta: bob? >> two women. senator kirsten gillibrand from new york is all for hillary clinton in 2016, but if hillary clinton doesn't run, watch gillrgillibrand. she has those aspirations. on the republican side, nick kid smoking haley from south carolina, 40 years old. the republicans need a new face, and this would be a change of direction. she literally is respected by the right. >> i wrote down a list of 13 republican names -- by the way, when senator thune was walking out, i said would you like me to add your name to this list? he said no. >> cross one out. >> i pick scott walker actually, scott walker, governor of wisconsin, is the guy who actually did what a lot of republicans want to do, which is he took on the entrenched interests behind the spending that's killing a lot of states, is hurting our own federal deficit. so i think scott walker is someone who can say, look, i've done this, it was not easy, and i succeeded. as far as democ
and donate it to the fiscal cliff, and she will be here to tell us about it. palestinian leaders headed to the united nations for the landmark vote. should palestinians get statehood? how would that work? what could it mean for peace in the middle east? and the biggest names in all of baseball on the ballot for the hall of fame including three players suspected of having used performance enhancing drugs. what to do in the time of sports, what to do with steroids? that is all ahead unless breaking news changes everything. >> first from fox at 3:00 in new york city the fight over the so-called fiscal cliff has gone from negotiations to playing out in public. today the president laid out the plan to step the looming tax hike in a public push that seemed like a campaign event. president obama meeting with a group of what he described as middle class americans, and repeated the argument for raising taxes on families earning more than $250,000, a plan which republicans so far reject. the president said the re-election shows a majority of americans support his approach. >> not just democrats b
the fiscal cliff scheduled for tomorrow, but, guess what? the president will not be attending it, secretary tim geithner will. regardless of the no-show tomorrow, president obama is hopeful to get a deal done by christmas, not inspiring confidence for pushing small businesses as key democratic leaders refuse to put entitlements on the table. for more on all of this, republican congressman langford of oklahoma. congressman, welcome back, always great to have you here. >> thank you very much. gerri: president with strong words for congress. here's what he had to say. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next wreer. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. gerri: there's the president calling out congress. what do you have to say, congressman? >> yeah, here we go in the middle of this. the house passed all our tax things in april. we passed the sequestering documents in may. we waited for the senate since may to reciprocate on that. the
the fiscal cliff mess is solved. majority leader senator dick durbin is going to join us up next to explain why. and you know those glitch-filled apple maps? well guess what? somebody's head is rolling over that. we'll explain what happened. let's say you want to get ahead in your career. how do you get from here... to here? at university of phoenix we're moving career planning forward so you can start figuring that out sooner. ln fact, by thinking about where want your education to lead, while you're still in school, you might find the best route... leads somewhere you weren't even looking. let's get to work. thor's couture gets the most rewards of any small business credit card. your boa! [ garth ] thor's small business earns double miles on every purchase, every day! ahh, the new fabrics, put it on my spark card. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve the most rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with double miles or 2% cash back on every purchase, every day! what's in
in the world is president obama? it's been 11 days since he met with congressional leaders on the fiscal cliff. and with impending doom as a lot of people describe it, just 35 days away, key lawmakers say the president hasn't worked hard enough with them to broker a deal. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail presumably with the same old talking points that we're all quite familiar with. >> well, now, as far as top democrats are concerned, things haven't been going so well since that november 16th kumbaya meeting at the white house. >> we had a meeting, it went very well. the problem was that was before thanksgiving after the election. and since that time, there's been little progress with the republicans, which is a disappointment to me. >> well, the market didn't exactly like what they heard there either. the dow lost nearly 90 points today. much of it in reaction to harry reid's dismal statement. i got an e-mail with it all in caps, the market is coming in on these headlines from harry reid. this matters, eve
have a few weeks left here until you go over a fiscal cliff. all the leaders including the president are going to have to end up being in the room. you know, republicans are going to go out on the campaign trail, too, with small business leaders to talk to small business owners to talk about the impact on them if tax rates do go up. i have to say, you know, the democrats have not had a balanced conversation so far. they've been hammering this -- the upper tax bracket but they have not been talking about medicare or entitlement reform in general. that's why republicans are trying to balance it out. >> well, do you agree, l.z.? i have heard some democrats say, hey. social security is off the table. we're just not going to talk about that. i've heard civil rights leader come out and say entitlements are very important to the black community. the president owes the black community a lot, you know, with his re-election and all so don't touch those. so the president is under a lot of pressure isn't he? >> well, i don't think so. here's why. i think the way that we've been having this conve
the so-called fiscal cliff, and i have no sign of progress to report to you on the talks between president obama and the republican leaders trying to reach a deal to avoid the crisis. the number two man, durbin of illinois tad saying nothing should be left off the table in search of budget cuts, and new sources of revenue, the assistant majority leader allowing the changes in the president's signature legislative achievement should be on the table. that's right, obamacare. >> put everything on the table. repeat, put everything on the tail, not just taxes and revenue, but spending cuts and entitlement reform. the only perfect law i know was carried down a mountain by senator moses. lou: what should be positive words for republicans tempered by the fact that senator durbin has no standing as the president's representative in the negotiation, and harry reid is telling a far different stories. john boehner and his caucus, the target, again, of senator reid's blame game. the senate majority leader insistent that republicans are the only onee in the way of the deal. reid asked point bl
in the red. harry reid, the leader said yesterday that they made little progress on the fiscal cliff, that moved world markets. amazing how one person's comment -- europe is down on that. asia was down on that. you see followthrough now. >> the new home sales disappointing didn't help today. despite weak electric car sales gm beating beak with the first all electric vehicle. the spark. the north american president will explain why next. >>> management shake-up at groupon. will the ceo be out? stay with us. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. and you don't want to miss it with thinkorswim
about their closed-door meet ings on the fiscal cliff. at 11:30, president obama will make remarks at the white house surrounded by middle class americans who he says would see their taxes go up if congress can't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker b
to talk about averting the tax hikes and budget cuts from the so-called fiscal cliff. the president met with small business owners yesterday to talk about the effect on their companies from taxes and other changes. and right now congress is stalled over finding a solution as democrats demand higher taxes for high wage earners while republicans want cuts to entitlement programs. >>> elsewhere on the hill, u.n. ambassador susan rice spent her day behind closed doors explaining statements she made back in september about those deadly attacks on the u.s. consulate in libya. her defense failed to convince her republican critics. nbc's tracie potts is on capitol hill with more on this. tracie, good morning to you. >> lynn, good morning. rice admitted that when she said the ambassador and three others who were killed were the result of spontaneous attacks, the information was partially wrong. as she has done before, in a statement after her meeting, she blamed it on bad intelligence information, talking points where references to al queda had been taken out according to sources and attacked ch
or not they are rising above to help solve the fiscal cliff issue. today jane wells focuses on minority leader nancy pelosi. >>> nancy pelosi has been in washington for 25 years, but her heart has always been in san francisco. and here 3,000 miles away, there is frustration at the lack of action in our capital. >> reporter: san francisco is a world away from washington. some would say it's on another planet. but it's home to one of the most powerful women in congress. nancy pelosi is well-liked here. congress is not. >> i feel like my government's broken. >> reporter: larry collins has been a crab fisherman on fisherman's wharf for decades. this can be a dangerous business. mistakes have serious consequences, and collin says political leaders should face their own serious consequences if they can't solve the budget crisis. for him, it's a no-brainer. >> if the wealthy were paying their fair share, i think that everybody else would feel better about paying a little bit more. >> reporter: taxpayers in this city are used to paying a lot more, yet the local economy is growing. >> reporter: as crazy as s
leader eric cantor. moments ago on the hill. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. republicans are committed to counting t continuing to work with the president to come to an agreement to avert the so-called fiscal cliff. that's one reason why we believe we put revenue on the table, as long as it's accompanied by serious spending cuts to avert this crisis. we believe that this -- this fits the president's request for a balanced approach to this issue, and we're going to continue to work with the president to try too resolve this in a way that is fair for the american people. we all know that we've had this spending crisis coming at us like a freight train, and it has to be dealt with, and in order to try to come to an agreement republicans are willing to put revenue on the table, but it's time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to avert this dry sis, and sooner rather than later. >> good morning. you know i was h
. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts for middle-class taxpayers, but let them expire for wealthier taxpayers. take a listen. >> the place where we already have and three complete agreement right now is on middle-class taxes. as i have said before, we have two choices. if congress does nothing, every family in america will see the taxes automatically go up the beginning of next year. >> as we have been reporting all day, the president set to meet with a bunch of ceos of major corporate leaders here that will probably start wondering about 90 minutes to get underway around 4:45 here at the white house, 14 of them showing up including the ceo of yahoo, merck, coca-cola, at&t and lloyd glenn fine of goldman sachs will be here as well. liz: in the end big multinationals, to be fascinating to hear
and avert this fiscal cliff. >> as progressives, we have no better champion then who is at the table and part of the gang. thank you for joining us. >> senate leaders spoke with reporters. harry reid said republicans are holding up a deal on the so- called fiscal cliff. republicans said they do not understand why democrats are looking to change the rules on filibusters. this is 20 minutes. >> we had a meeting with the four leaders up here at the white house, it went very well. the problem was that was before thanksgiving. and since that time, there has been little progress with the republicans, which is a disappointment to me. we only have a couple of weeks to get something done. we have to get away from the happy talk and start talking about specific things. and one month taxes are set to rise for all americans. we passed in the -- we passed in the senate a piece of legislation to protect people making less than $250,000 a year. we have rejected on a bipartisan basis the republicans' efforts to extend the tax cuts for everybody. those are the two majors we have dealt with on the sen
the fiscal cliff. later today the president is meeting some of the nation's business leaders as well. fox business network's peter barnes live at the white house with more on that. so, which ceo's is the president talking to today? >> well, jon, it is interesting the president putting pressure on republicans to increase taxes on the wealthy. to let the bush tax cuts for wealthier americans expire and he is going to be meeting with some of those wealthier americans later today at the white house, those ceo's you just mentioned. there will be 14 of them including the ceo of yahoo!, of merck, coca-cola, and at&t he will well as lloyd blankfein, the see i don't of goldman sachs. he already came out in favor of higher taxes. in a column he wrote this week, he", i believe tax increases especially for the wealthiest are appropriate but only if they are joined by serious cuts in discretionary spending and entitlements. significant because blankfein and his partners make millions in salary and bonuses each year. jon: interesting. what is the status of the negotiations at this point, peter? >> repo
.s. military budget will take place automatically -- if the country falls over the fiscal cliff. >> coming up, a new mozart interpretation that uses the latest in animation technology. >> but first, a roundup of stories making news now. the former israeli opposition leader has announced she will return to politics to lead a new party called the movement. the former foreign minister says the party will run in january elections. she described it as an alternative that will push for peace for the palestinians. >> in britain, at least two people have been killed in flooding that followed days of heavy rains. some 800 homes throughout the country are under water. prime minister david cameron pledged government help for the victims. the floods of the worst since 2007 when much of the nation was inundated, causing damages estimated in the millions of pounds. >> the president of belarus says he is proud to be the last dictator in europe. the comments came during a rare interview with the voyagers news agency -- the reuters news agency. westerners have pressured him to grant more freedom. >> all too o
germany and italy. stock market fell yesterday on the looming "fiscal cliff." and we have some discouraging comments from senate majority leader harry reid that led to that sell-off. market will continue in that vein until there is progress. billionaire investor warren buffett telling cnbc this morning says he may go past the december 31 deadline but it won't take too much longer and he is confident that a deal will be reached that will somewhat satisfy all sides. the market is falling again on the "fiscal cliff" word. let's look at the numbers. dow down 67 points. nasdaq down by 22. s&p losing 9. apple shares giving up 1.5% this morning. back to you guys. >> thank you. , kcbs moneywatch reporter jason brooks. >>> time for a look at what's coming up later on "cbs this morning." >> norah o'donnell joins us live from washington, d.c. in the capital with more on the big show. good morning. >> reporter: that's right. good morning, frank and michelle. we are here in washington where you'll hear from supreme court justice scalia. the postmaster general, and senator amy klobuchar who
message on avoiding the fiscal cliff straight to the middle class. and even some business leaders. president says he's ready and willing to get the issue resolved in a bipartisan manner. speaking of bipartisanship, tomorrow the president will host mitt romney at the white house. their first face to face meeting since the election. when's the point? ambassador susan rice back on capitol hill for a second day trying to end the heated back and forth over her role in the investigation of the deadly attack on the consulate in benghazi. what republican senators are sayisa saying today. plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer up to 9 months. [ male announcer ] because enbrel®, etanercept, suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal, events including infections, tuberculosis, lymphoma,
. they are headed to the white house today weighing in negotiations over the fiscal cliff as the president tries to pick up outside support for his proposed tax increases. doug luzader joins us live from washington with more. hi, doug. >> ainsley good morning. business leaders are pleading with the white house to come up with some kind of a deal to assert spending cuts as part of the big fiscal cliff. no deal in sight yet. take a look at what happened on capitol hill yesterday. naked protestors stormed the office of house speaker john boehner. they are protesting cuts in healthcare they say but shows how any kind of spend wiing cut are nearly impossible these days and they are warming for the president's call to raise tax revenue. many democrats are emboldened since the election refusing to talk about any specific cuts to federal spending. >>> president obama and democrats ran on a promise of bush tax rates. president obama didn't hide that last year of the campaign every place he went that's what he talked about. americans when they voted raised their voices and supported our pledge congress ac
a primer explaining how the fiscal cliff might affect you. still, to come on the "newshour": debating palestinian status at the u.n.; reading the fine print; tackling immigration reform and re-purposing digital data gathered during the campaign. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: wall street tracked the ups and downs of the fiscal cliff drama in washington today. at one point, the dow jones industrial average was off more than 100 points. but stocks made up the ground after the president's talk of a deal by christmas. the dow ended with a gain of nearly 107 points to close at 12,985. the nasdaq rose 24 points to close well over 2,991. a moderate republican senator susan collins of maine voiced new concerns today about u.n. ambassador susan rice. it stemmed from rice's initial account, on a sunday talk show, of the attack on the u.s. consulate in benghazi, libya. at the time, she said it began as an anti-american protest, but she now says she was working off faulty intelligence. rice met with collins for 90 minutes today, but afterward the se
-- if you want to put your thoughts on our facebook page. in other news, on the fiscal cliff talks, i want to show you the headlines and what is happening in washington. we told you at the top, the negotiators are going public. president obama will go outside washington as well as republican leaders to press their case to the american people what they want in the stocks. but here's the baltimore sun this morning with the headline -- yesterday recovered to the speech that he gave. he says to put everything on the table. that's what the number two democrat said yesterday. if your interested in watching the whole thing, go to our video library. and the new york times reporting this this morning -- so that is the latest republican who has talked about breaking the grover norquist pledge on taxes. also, this morning, ceo's meeting with president obama yesterday, business leaders meeting with republicans as well. toth sides gathering ceo's talk about what they would like to see in the fiscal cliff tops. and in the washington post editorial -- also, "usa today" says -- you can look it up on presi
from going over the so-called fiscal cliff. the president wants to raise taxes on the wealthiest 2 percent of americans and leave current tax rates for everyone else. >> i can't get paid reporting. >> we will be following the latest as it continues to develop on capitol hill. >> will take a quick break. we will be back with more headlines than just a minute. here is a look at the approach to the toll plaza. the ground for now is dry. that will be changing before too much locker we will look at your forecast straight ahead. welcome back. coming up at 4:15 a.m. on this wednesday morning we are tracking the a big storm and high winds. >> take a look is lit up anny . the storm started to approach the peninsula barrett we are not seen too much rain in the san jose area. regardless i was a brown the bay area to see how it is due in your neighborhood. speaking of light ride for portions of interstate 80. under the green indicates that light rain. i did see rain in downtown san francisco. we are seeing some now where 101 leads to interstate 80. i expect the heaviest downpour towill occur b
into the fiscal cliff negotiations, my advice to the president would be... it seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. i think we have a clear sense that there's an opportunity here at the end of the year to do something something important for the country. >> brown: at the same time there were some signs on both sides of the aisle that there might be a little give in previous positions. republican senator bob corker of tennessee outlined his proposal in the "washington post." he called for tax revenue increases, including a cap on itemized deductions coupled with curbs on social security and medicare benefits. corker joined several republican senators and house members who have suggested they might abandon a longstanding pledge not to raise taxes. but the author of that pledge, conservative lobbyist grover nor quist, played down any hint he's losing influence. he called it, quote, a complete media-created frenzy. on the left, democratic senator dick durbin of illinois urged liberal groups to give w
-- with the keurig vue. little progress on the "fiscal cliff" talks in washington... translated to zero gains on wall street today. the dow closed the day down 89-points.. taking a sharp drop during afternoon trading after senate majority leader harry reid expressed frustration about the negotiations. both the nasdaq and s- and-p 500 also posted losses. a day after announcing they had lost wide receiver kyle williams for the year with a torn acl, the 49ers have also lost frank gore's backup kendall hunter with an ankle injury. (male announcer): now, here's stanley roberts who found people behaving badly. blog. this is not difficult to find these collection bins. they would believe that your donating things for charity. >> how are you are donating because that is what is on the box. and yes, they will word is used words like to donate but it says for profit. and the interesting thing is that they do not even know how they got here. this one and safeway has been here for a while. these are right outside of a rite aid have been out for four years. and this out of an auto repair shop showed up an
at the white house. remember this? the president predicting april process during the fiscal cliff talks and even wishing the house speaker a happy birthday. still nowhere near a solution to the democrats balanced approach. >> we remain hopeful and optimistic that we can achieve a deal. he will not sign an extension of bush-era tax cuts for the top 2 percent. >> we have already done more than a billion dollars worth of cuts. the richest of the rich will have to pay a little bit more. gerri: the voicef compromise. it will lead gop be forced to surrender their platform? let's ask our all-star political panel. former advisers to president george w. bush and daily beast columnist. to you first. the other republicans going to have to walk away from what they have long clung to which is the idea that we're not going to raise taxes, no way, no how. >> well, i think that president obama definitely has the upper hand in the situation. you have people coming out and saying we don't have on a this anti-tax pledge with grover norquist, a senior republicans, people like bill kristol you have 12 new h
quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen
the fiscal cliff contain no medicare, medicaid, and social security benefit cuts. it puts them at odds with the president who has said everything should be on the table, including entitlements, senate republican leader mitch mcconnell. >> we want to save these programs and i understand the dilemma the president and the majority leader have. their hard left doesn't want to change anything ever. >> reporter: but the top senate democrat harry reid says republicans are the ones dragging their heels. there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. >> reporter: republicans point out that medicare and medicaid are the largest future drivers of the debt. they say they won't agree to increased revenue from taxes unless they get entitlement cuts as well. scott, it's safe to say there are going to be people on the right and left howling mad at no matter what this deal looks like. >> pelley: nancy, thank you very much. one idea they're looking at is scalin
the fiscal cliff. and what is the president doing? yesterday, he met with small business leaders. at the white house. the white house met with leaders of jack lew, the chief of staff. met with leaders of the chamber of commerce. today the president is meeting with some middle class americans who would be severely impacted if the middle class tax cuts were to expire. what this article really references is the president the white house announced yesterday is going on the road on friday, he's going back. he's going up to pennsylvania. going to visit a toy store -- last saturday, he also visit at small business, bookshop with his daughters. in arlington virginia. to make the point. the president is going out there, the white house now says he will be going around the country and building up popular support for his plan and putting pressure on congress to pass his plan and republicans are suddenly whining and crying. mitch mcconnell says yesterday, this is terrible for the president to be out there campaigning. >> rather
something that will affect your future. 34 days off from the fiscal cliff. today, republicans and democrats met with business leaders to gauge and garner support for a budget deal that is likely to include tax hikes on the wealthy, and could include some sort of spending cuts, all with an aim to cutting the deficit. i couldn't tell you what happened at those meetings because i wasn't there. let's talk to somebody who was. tom wilson is the president and ceo of allstate insurance. tom, thank you for joining us. what happened in the meetings? >> well, it is good to be here, ali. i think what happened in the meetings is we get a sense that there needs to be more progress made quickly. because while everybody agrees something needs to be done, really the structure to get it done is still not formed up yet. >> did you get some sense that they are moving towards some kind of an agreement, both sides? >> i got the -- i'm concerned as to where we're at. let me tell you the good news. the good news is everybody sees this as an opportunity to show that america knows how to act and get the fiscal hous
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